This year, weak sales during the critical holiday season forced it to slash prices of key products, including the HERO5 Black camera, in an effort to increase demand. The move cost about $80m, GoPro said.

The company is cutting more than 250 staff from its workforce, which numbered more than 1,250 at the end of September.

It said it will stop making aerial cameras, citing an “extremely competitive” market and hostile regulatory climate.

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GoPro plans to stop selling drones

The salary of chief executive Nicholas Woodman has also been cut to just $1 in an effort to reduce expenses.

He hoped the actions would return the firm to profitability in the second half of 2018.

GoPro will release more detailed financial details in February.

Founded in 2004, the California-based firm is known for its small, portable video cameras.

Its shares surged after listing in New York in 2014 but have fallen more recently following increased competition from smartphones.

There have also been issues with some products, including the recall of its Karma aerial camera in 2016, after unexpected crashes.